Latest News and Comment

A Judge nullifies 12 equity release mortgages worth 6 million Euros

The sale was conducted through commission-driven financial advisors based in Estepona, Marbella and Fuengirola.

Court of First Instance 11 in Bilbao has ruled that twelve mortgage loans valued at 6 million Euros, granted to British families mostly in the Malaga province between 2004 and 2007, should be declared void.

The Court dealt with this case as all loans were granted at a Bilbao Notary Public and the representatives of the lender, SL Mortgage Funding nº1 Limited (SLMF), were also based in the Basque city, according to Lawbird Legal Services S.L.P.

These loans were sold to attain a reduction in potential inheritance tax, inasmuch as the mortgage would reduce the taxable value of the property, but also as a means to supplement the modest pensions received by the owners of the properties.

Chester-based SL Mortgage Funding nº1 Limited (SLMF) had not applied for the necessary regulatory permits to legally raise funds from the public and provide an investment service, activities reserved and regulated by the Bank of Spain and the CNMV (financial regulator).

In spite of not having any of the above authorizations, SLMF would lend but at the same time retain most of the proceeds of the loan, which would then be invested by them.

The ruling declares that “infringing the protocols set by the relevant administrative authority to supervise the disputed product is a regulatory violation that exceeds that of a mere breach of banking laws, such as misselling, so profusely dealt with recently in relation to the massive sale of complex financial products.”

The Judge held that in this case, the breach of public policy “is far more serious for it makes a mockery of a whole system of financial and banking supervision designed to prevent abuses to consumers and protect the stability of the sector”, and likens this behaviour “civil fraud”, which is any proposal that contravenes mandatory regulations or has a false or forbidden reason.

SLMF also recommended a network of lawyers that created an appearance of seriousness, downplaying the extent of the lack of licensing requirements of the bank and the product.

According to Lawbird Legal Services S.L.P., for the claimants, the ruling confirms that operating in breach of mandatory banking and financial regulations makes the suspect a “boiler room”, -even if the company was legally operating in their own country- and allows the victims to rid themselves of a nightmare lasting for over 10 years.

The Judge concludes that the nullity and voidness should be made applicable to all contracts and agreements executed between the clients and the bank, applying the laws of contractual termination in odd fashion –albeit most favourable- as clients “will be able to claim what consideration they gave under the contract without having to return was given to them.”

On Luxembourg’s contribution to financial instability

APRIL 29, 20160

Since the global financial crisis erupted we’ve been running a web section called tax havens & financial crisis – which looks at the risks that tax havens pose to financial stability.

Perhaps the strongest thread running through this page is the fact that tax havens provide escape routes from rules – such as financial regulations – which enable players to take the cream while the going is good, and then heap the costs and risks onto the rest of society when things fall apart.

We’ll bring a more considered blog on this in due course, but first we’d like to point to a blog run by the presenter, Sigrún Davíðsdóttir, who is an Icelandic journalist. From her Icelog, an article about the failed Icelandic bank Landsbanki. We’ll just publish a brief excerpt from this, as a marker to highlight Luxembourg’s role in this whole sordid business.

“The saga of Landsbanki Luxembourg, its equity release loans, its other operations, the behaviour of the bank’s administrator and the unwillingness of the Luxembourg financial regulator, Commission de Surveillance du Secteur Financier, CSSF, to investigate both the bank’s operations and then the administrators is a long and sad saga, which has often been brought up on Icelog (see earlier blogs here).

It can’t be said often enough – and I say it yet again – that it is impossible to understand the operations of the Icelandic banks without scrutinising their Luxembourg operations. Given the fact that managers and employees of all the three largest Icelandic banks have been investigated in Iceland and in some cases sentenced to prison and given that almost without exemption Luxembourg figures in these cases it is incomprehensible that the CSSF has not taken up a single case related to these banks.”

Read that blog – and follow the links to other of her blogs – to understand more about this episode.

This is reminiscent of something we noted last year in our Luxembourg report: a letter from a law firm acting on behalf of 2,500 defrauded clients of the Ponzi schemer Bernie Madoff:

“Our clients and their financial advisors have relied on the safeguards in place in Luxembourg, an international financial centre that openly prides itself as having an efficient system aimed at the protection of investors. . . . none of these institutions has been held accountable to date . . . these courts have so far denied access to justice to the numerous investors who followed the CSSF’s advice.”

(The CSSF is the Luxembourg supervisory authority.) Even though we acknowledged in that report that Luxembourg had made some improvements to its secrecy regime (an improvement to a very tarnished image that is currently being comprehensively undone by the current trial of public-interest whistleblowers and journalists) note that this issue – secrecy – was just one of many areas in which Luxembourg operates as a see-no-evil offshore centre dedicated to protecting ‘investors’ at the expense of anyone else who might have a legitimate claim against them.

There are many other things one could say about this – not least as we heard today in another fascinating presentationinvolving Luxembourg at our event. We’ll get to that in due course. But for now, a last word to Davíðsdóttir:

“When will the authorities in Luxembourg acknowledge that the many stories of financial malfeasance in the Duchy are a huge and ugly stain on this pretty little state at the heart of Europe? And when will other European countries bring enough pressure on the Duchy to confront the facts of the financial sector in Luxembourg: part of it is placed exactly there full well knowing that nothing seems sordid enough to wake the CSSF up.”

Rothschild Bank Now Under Criminal Investigation After Baron David De Rothschild Indictment

Last year, Baron David de Rothschild was indicted by the French government after he was accused of fraud in a scheme that allegedly embezzled large sums of money from British pensioners.

It has taken many years to bring this case against Rothschild and his company the Rothschild Financial Services Group, which trapped hundreds of pensioners in a bogus loan scheme between the years of 2005 and 2008.

One by one the pensioners lost their money and pressed charges against the notorious banker, beginning a case that would take many years to get even an indictment.

In June, Paris-based liaison judge Javier Gómez Bermudez ruled that Rothschild must face a trial for his crimes, and ordered local police to seek him out in his various mansions that are spread throughout the country.

“It is a good step in the right direction. The courts are now in agreement with us that there is enough evidence to interrogate Baron Rothschild. The first thing they will have to do is find him. Once they have done that they can begin to question him. It is a real breakthrough moment for everyone involved,” lawyer Antonio Flores of Lawbird told the Olive Press after the ruling.

“In short, independently of what happened to the investment, Rothschild advertised a loan aimed at reducing inheritance tax, which is a breach of tax law,” he added.

While news of a single Rothschild being indicted is certainly noteworthy, a particularly important announcement was made this Friday.

The French government announced that it has launched an investigation into the entire Swiss branch of the Rothschild’s banking empire.

The Swiss unit of Edmond de Rothschild said it’s the subject of a French probe regarding a former business relationship managed by a former employee.

“Edmond de Rothschild (Suisse) SA is actively participating in the criminal investigation under way,” the Geneva-based bank said in an e-mailed statement on Friday. “The bank denies all the allegations that have been made against it.”

Edmond de Rothschild, a private banking and asset management firm established in Paris in 1953, oversees about 150 billion euros ($164 billion) and is led today by Baron Benjamin de Rothschild and his wife Ariane. The Swiss unit traces its roots to the acquisition of Banque Privee in Geneva in 1965.

The company has no further comment at this time, according to the statement. Officials in Geneva weren’t immediately available to respond to a telephone call from Bloomberg News on Friday.

The Rothschild empire has been instrumental in helping move the global elite’s wealth from traditional tax havens like the Bahamas, Switzerland and the British Virgin Islands to the U.S.

Last month, the Free Thought Project reported on the above the law tax haven established inside the United States by the Rothschilds.

After opening a trust company in Reno, Nev., Rothschild & Co. began ushering the massive fortunes of the world’s most wealthy individuals out of typical tax havens, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements.

The Rothschild banking dynasty is a family line that has been accused of pulling the political strings of many different governments through their control of various economic systems throughout the world.

Historically, there is ample evidence to show that the family has used insider trading to bilk money from both private and public funds.

During the Battle of Waterloo in the Napoleonic wars, Nathan Rothschild was responsible for one of the oldest cases of “insider trading,” which led to the Rothschild family robbing a whole nation blind. In 1815 when the battle of Waterloo took place, there were no quick methods of communication like we have today so messengers were used for communication in times of war. The Rothschild’s took advantage of this by having spies on the frontlines of the battle who would return information to the family faster than the messengers used by the military.

When the British won the war, Nathan Rothschild, was of course, the first to know, and he immediately went to the stock exchange and started selling stocks while putting out the rumor that the French had won the war. This created a panic on the floor of the stock exchange and investors all over England began frantically selling their stocks. With the price of all stocks plummeting Rothschild was able to buy out the whole English market for a fraction of its cost. When word returned that the English had actually been victorious, the value of the market soared, and overnight Nathan Rothschild expanded his family’s wealth, and cemented their position as one of the richest families in the world.

Read more at http://thefreethoughtproject.com/rothschild-bank-criminal-investigation-baron-david-de-rothschild-idictment/#cDduJvUvPd81bCG8.99

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15th September 2015

It is with regret that we report the passing of four members of our group, total to date 39.

We have been asked to withhold their names for family reasons and our thoughts go out to all the families at this sad time.

This financial scandal started in 2008 with the bankruptcy of Landsbanki Luxembourg, seriously affecting the lives of hundreds of pensioners and other victims around Europe facing the difficult battle to obtain Justice from Luxembourg . Sadly four more victims have not lived to see the conclusion of our determined efforts.

It is widely believed that the Administrator, Madam Hamilius, has done everything possible to obstruct proper proceedings with the objective of delaying the conclusion of this sad affair as this brings her in more money as the years go by and protects the Bank and bankers.

The administration team is well aware of the average age of the victims of what is considered premeditated fraud, mostly well over 80 years, so for her it is just a waiting game, offering maximum protection to the Luxembourg Finance Centre in such disrepute today.

As events unfold and the truth is exposed outside Luxembourg, we hope to find that the Luxembourg bankruptcy administration’s efforts to obstruct the truth, have been in vain as justice prevails.

Luxembourg should be ashamed for having condoned these disgraceful actions for so long and for having caused such unnecessary suffering to so many people.

The Lies of The Premier Group (Isle of Man) Limited Uncovered

The previous post published on ERVA explains that Michael Richardson, founder of the above 2 companies, does not hide the fact his 2007 company -The Premier Group (Isle of Man) Limited- is the successor of the BVI-based Premier Balanced Distribution Inc.

But now, the Financial Supervision Commission has confirmed that not only did one take over from the other but that they are, in essence, the same firm.

Until December 2007, the 2007 company used the BVI company’s telephone and fax numbers: +44 (0) 1624 838110 y Fax and 44 (0) 1624 836785.

The 2007 company used the green BVI company logo/branding (above) on its website until…May 2010: that’s 3 years after it was incorporated. This is the logo used in the 2004 promotional literature that CAINS says “has nothing to do with its client”.

The Daily Telegraph, among others, confirmed in 2005 that The Premier Group was based in…the Isle of Man.

For CAINS Advocates though they are two totally separate companies with no connection whatsoever, according to their “independent” report filed with the Bilbao Courts. CAINS says the following in its report:

Nothwithstanding that Cains acts as Isle of Man legal adviser to the The Premier Group (Isle of Man) Limited, we shall act objectively and our statements shall take into account all circumstances which may prove to be favourable as well as those that may cause harm to any of the parties of the proceedings previously stated.

CAINS is employed by the 2007 The Premier Group (Isle of Man) Limited and were also the appointed counsel for the BVI company and they therefore should and could have known that their statement is at best inaccurate and misleading and at worst, fraudulent.

This breach constitutes serious professional misconduct and failure to comply with the principles, rules and regulations of the legal profession in the Isle of Man.

This is a good start to 2015 with the indictment of some of those involved in the selling of the evil, dishonest and fraudulent EQUITY RELEASE SCHEME by Landsbanki Lux, endorsed by Luxembourg. We sincerely hope that this is the beginning of the end of the reign of terror brought to bear on all the unsuspecting and trusting pensioners in Europe that were sucked into this scam. It looks like these villains are to face some serious prison terms if found guilty.

The High Court in Paris has formally indicted a number of former employees of the almost-defunct Landsbanki for offences set forth and punishable by Articles 313-1, 313-3, 313-7 and 318-8 of the French Criminal Code. The individuals are the following:

The French Court considers that these individuals may be liable, prima facie, for “fraud, breach of trust by an individual engaged or providing assistance on a regular or ancillary basis in transactions involving the property of third parties for which it recovered funds or securities”.

The Chamber of the Council of the Court of appeal, sitting behind closed doors, ruled the complaints made by the Group of victims Landsbanki Luxembourg bank against the classification of their complaint for false accounting and criminal conspiracy the to be not founded. So there remains the charge of money-laundering against the liquidator, but the Prosecutor remains opposed to the initiation of any investigation.

The Group of victims of Landsbanki, suffered a new setback in the hands the Luxembourg justice system, just a few days before Christmas.

On 17 December, the Chamber of the Council of the Court of Appeal dismissed the appeal, of investigating judge Stéphane MAAS dated October 21, refusing to pursue any investigation into the false accounting or conspiracy.

The complaint with civil parties totalling 106, was lodged against members of the banking network of Landsbanki, intermediaries who had scoured the Mediterranean coasts of France and Spain seeking retired owners of real estate to mortgage against toxic equity release loans. The complaint was also lodged against the liquidator of the Bank, lawyer Yvette Hamilius.

Last July, the Court of appeal requested the opening of an investigation into money laundering believing there was enough evidence to demonstrate that the marketing of the toxoc Equity Release products had been using dishonest methods falling classified as fraud. In seeking to recover these assets, the liquidators could be seen to be money laundering.

NO REASON TO REVOKE THE LIQUIDATORS

Despite this decision of the Court on 10 July 2014, prosecutors refused to incriminate Me Yvette Hamilius and took a decision not to investigate, as was shown in the commercial judgment of November 14, dismissing the complaints and requests made by the Group of Victims for the removal of the liquidator.

“The Suspicion thrown on the liquidator in relation to any money-laundering charges, does not warrant a removal from office” affirmed the judges.

As for the accusations of false accounting and criminal conspiracy against the intermediaries and managers of Landsbanki, the judgment of 17 December is not good news for hundreds of victims.
Indeed, the Court of Appeal confirmed the order rendered by Judge MAAS. The judge had declared inadmissible the complaints made by the Civil parties, inadmissible.

” There is no need to pursue the case regarding the offences of false accounting and criminal conspiracy given the failure of the civil parties to present evidence of personal individual damage.”

The victims, said the investigating judge, did not suffer personally in direct causal relationship because of the criminal offences of false accountancy and criminal conspiracy.
Stéphane Maas confirmed the views of the State Prosecutor which on 20 October 2014 concluded that the civil parties had not justified
“Any personal damage or even a possibility of prejudice.

MISREPRESENTATION OF THE TRIPLE A RATING

The victims had argued that the falsification of accounts and false statements had created a misleading appearance of solvency and financial stability of the Bank and had generated trust encouraging signature of equity Release contracts. If the victims had known about the, share and stock manipulations of the Bank and the fragility of the guarantees offered to the central banks of Iceland and Luxembourg to obtain loans and maintain a note triple A rating, they would not have contracted such loans.

But while acknowledging that a triple A credit rating is
“a key test” for investors in the estimation of risk and that the triple A of Landsbanki,
“contributed to the confidence of victims”, the chamber of the Council of the Court of appeal considers, however that
“It has not been proved that this triple A rating was a determining factor in subscribing to the Equity Release scheme”.

Its marketing, was based on rate of return and tax advantages, the Bank having, “displayed exceptional benefits from exceptionally high yield and safe investment and promised the Spanish inheritance tax advantages”, which supports the judges’ politically correct language.

In short, the Bank encouraged Tax Fraud, but the responsibility is to be imputed entirely onto the customers (consumers).

VICTIMS REFERRED BACK TO FRENCH and SPANISH JUDICIARY

The appearance of financial solidity which was boasted by the Luxembourg bank in its advertisements in Spain is according to the Court,
“Only one element among others that can characterize the fraudulent manoeuvres Landsbanki Luxembourg is accused of and whose criminal file contains the evidence.

However, even if fraud was committed by the Bank to artificially maintain its stock at high prices and falsely maintain it’s solvability to deceive the Central Banks, in order to borrow money from them and subsequently have false accounting impacting on the veracity of accounts,
the Judges affirmed that :

« False accounting which could affect the banks’ accounts, could not cause direct and personal damage to the civil parties» ,
as the judges then threw out the victims back to the respective judiciary in France and Spain.

“The economic and moral harm (…).” ” could only (sic) be caused directly by the qualified fraud, facts pursued by internationally competent French and Spanish judicial authorities “, says the Court of appeal.

“With regard to the offence of criminal conspiracy lodged by the group against the broker intermediaries and managers of Landsbanki, the reasoning of judges can be resumed in the same usual refrains to be heard, repeatedly in Luxembourg:
This offence by itself could not be the source of a “direct and personal damage.”

The group can expect nothing from the Luxembourg justice system, other than a possible surprise on the basis of the money laundering case which is still pending, and it is in France and Spain that the Judicial match should now be played, when the Bank was in Luxembourg.

4 thoughts on “Latest News and Comment”

Hello and what great efforts and work.
Looks like we are all learning how these things work!
My grandchildren are around me watching me looking at ‘our site’ ‘our Facebook’ ‘our Twitter’ and I think they are impressed we are managing to learn!

Fighting fraud, psychological torture by a curator protecting the Bankster, vanishing money, threats, intimidation and the rude arrogance of corrupt Luxembourg has been too much for many of us.
One of the 14 who died of stress related premature death is a friend.
I know there are many of us whose Dr has said , no more stress, it will kill you.

We are angry. Very angry and will never get over what we have been made to suffer because of the Banksters and above all the people who have tried to cover-up serious fraud and vanishing money since before the bank failed until today.
Luxembourg is a disgrace as it only protects the very rich and the bankers and allows the pensioners to be ROBBED AND TORTURED. Good luck everyone! Sorry but everything I worked for to help my children should not be given to Banksters with the help of Luxembourg.

Richard’s views totally reflect my own, and I am sure other “victims” will be encouraged to know they are not alone.
I hope, however, that we can look outside the square and take collective action to encourage the Luxembourg authorities and our own government to address our concerns. As an individual I have written to the Grand Duke, the Luxembourg Prime Minister, various Regulatary agencies, my MEP Luxembourg Police, Luxembourg Prosecutor, Our Ambassador to Luxembourg (based in France!), SFO. Most have responded by referring me to some one else.
In short they have mastered the skills of the children’s game of “Pass the Parcel”, but in their version, unfortunately the music never stops.
I, as an individual, am easily ignored. Whilst it is wonderful to be able to communicate with other victims, at the end of the day, we need to find ways to get “influential” people to act on our behalf. Would it be possible to use the strength of the website to contact the people/organisations who have the power to bring an end to this deplorable and damaging state of affairs.

Hello Sunshine!
I do not think we can be ignored for much longer. Even Eva Joly said this was was a ‘Madoff’ scandal they are trying to contain . Since it involves mostly pensioners they know that the majority do not use a computer and are unable to defend themselves, cannot afford to live properly let alone pay lawyers for 5 years to fight Luxembourg, a country which could not care less about pensioners, now that they have achieved their objective and got their hands on our assets.
The reality is that British press does not paint a true picture of the pensioners nor their plight. These pensioners have paid taxes and social contributions all their lives. They are not wealthy tax dodgers, but ordinary people who for health or family reasons have retired in Europe or have a home in Europe. Essentially, they are older people who have worked and saved all their lives to own a mortage free property. This is why they were targeted. They deserve justice and protection from abuse and fraud as does everyone.
Britain rushes to help people who are not even British, in Africa, India etc. when their own pensioners are left on the brink of being destitute and in the hands of such a Banking Center as Luxembourg where compassion and fair play seem to be out of their agenda once you are a client.
As you say, Sunshine, their Politicians, and all those in Luxembourg who should be protecting the name of this financial center, just play “pass the parcel” and keep on dancing to their tune which has far too many false notes and missing beats.

Landsbanki used Luxembourg as a visiting card to sell their scheme.

When in 2007, Landsbanki Luxembourg desperately wanted clients and our assets in order to get a massive loan for the Bank which had already failed, there was no Due Diligence done by the Central bank of Luxembourg nor the Government . They could have easily seen that the Landsbanki had failed by the end of 2007 as the SIC report revealed.

The people of Luxembourg are also mis-informed about this Luxembourg/Icelandic ‘Madoff’ scandal. Does the Government not wish the Luxembourg people to be aware of this loan that was granted by the BCL Central Bank of Luxembourg to a Failed Bank?

Surely this is a very serious breach? Was this not a case of granting credit to an insolvent bank and therefore ARTIFICIALLY DELAYING THE INSOLVENCY DECLARATION? i.e. abusive lending concept?

Conveniently, the people of Luxembourg have been led to believe that the hundreds of old pensioners are all rich, ( taking the unique case of Enrico Macias, the famous French singer, as an example to cite in the press, to illustrate what suits those covering-up the fraud and the grave fact that the Central bank of Luxembourg lent money to a failed Bank)
The people of Luxembourg have been given the false impression that we are hundreds of greedy, wreckess, rich people who wanted to play roulette and cry when we lost.
This is very far from the truth. One has to suppose this is the reason there has been no investigation, no looking into all the claims of account manipuations, mis-selling and fraud and the disregard for the ongoing Criminal cases in other European countries who DO recognise the evidence of serious fraud, cover-up, manipulation of accounts, abusive lending to an insolvent bank, abuse of Security Cover ration etc.

This all show abuse pre and post bankruptcy.

The administrator has simply ignored us and refused all communication even refusing to treat the lawyers and judges with the respect we all feel they deserve and which they invariably get in other European countries.

N.B. This is a scandal of abuse of the vulnerable in INSOLVENCY too. This abuse and disregard of ongoing Criminal proceedings in other countries has even made the Landsbanki administration a subject of European Conferences!

Now European Conferences refer to this administration as :
“THE OUTSTANDING CASE OF LANDSBANKI”
and ” THE SCANDAL OF EQUITY RELEASE LOAN…..”
and ” A JUDICIAL LIQUIDATOR IN TURMOIL”
See Nottingham University Conference on Insolvency.

Rarely has such abuse been seen on such a scale and for so long knowing these people have had the most precious years of their lives destroyed by this callous disregard for serious allegations of fraud and mis-selling in Europe’s financial Center, Luxembourg.

When the Bank wanted our assets, the name of Luxembourg was touted and glorified, printed proudly on glossy brochures and visiting cards as a mark of RESPECTABILITY upon which we could place our TRUST.
We were promised that Luxembourg was the safest, most solid place for a consumer to invest and that consumer protection was no 1 on the Luxembourg agenda as they depended on their good name. Was this a joke or what?

LANDSBANKI USED AND ABUSED US.
LANDSBANKI USED AND ABUSED LUXEMBOURG.

This is elementary for anyone to see. The facts and figures are there. the cover-up is all too plain to see and this scandal cannot be ignored any longer .

Who knows who advised the liquidatior to behave in the way she has?
Who gave her such a long rein on a galloping horse for so long?
Who has advised this liquidator to attack the 2 lawyers, one Belgian and one from Luxembourg, who stand up speaking out against the abuse and breach of laws in defense of hundreds of elderly victims?
Who would allow a person in such a position who has seized the lives of 600 pensioners for nearly 5 years, to continue to disreard all Criminal actions across Europe and continue to pretend this is just an ordinary Civil Case to do with a bunch of greedy people having to pay a straightforward debt, when the TRUTH is the opposite?
This is a Criminal Case.
How can a person in such a position be allowed to continue to blacken the name of her country and the reputation of 600 honest people who TRUSTED, INVESTED and BELIEVED in Luxembourg?
How can she go as far as to announce in the Luxembourg press that she has had ‘death threats’, implying this came from Landsbanki victims half of whom do not have a computer , the average age being 72 and the oldest 90!
We have been treated as Crimianls for nearly 5 years, by Luxembourg for being clients of a FAILED, BANKRUPT Luxembourg Bank!

Surely it is high time these”influential” people you speak of started waking up and smelling the damage that their apparent negligence has allowed to get out of control?
There must be some person in power with enough integrity, courage and good sense to put a stop to this ‘deplorable and damaging state of affairs’ as you so rightly say.

Luxembourg must have the courage it takes to face the TRUTH, seek TRANPARENCY and not believe the distortions and manipulations they have been fed.

Sometime ago I wrote to the Prime Minister of Luxembourg, Jean-Claude Juncker,
in an attempt to persuade him to address the the conduct of the Luxembourg Banking System, which has so damaged the reputation of his country. He effectively ignored my complaint and “passed the parcel”.

Today’s Telegraph reports: “The prime minister of Luxembourg, Jean-Claude Juncker, has warned Europe risks descending into a conflict similar to the First World War as a result of the eurozone.”

It is ironic that that he expresses such a view of the Eurozone, when he himself buries his head in the sand in respect of the financial and moral conduct of his own country’s Banks and Regulators. How can one take seriously the warning of a man whose own government apparently cannot even ensure control/regulation of a single bank bearing his country’s once proud name.

Many of the “victims” have suffered so much that they may feel they have already descended into the privations of a conflict similar to the First World War